Reinsurance News
Insurity and OIP Robotics partner to transform data processing through AI
25th March 2024
Insurity, a provider of cloud software for insurance carriers, brokers, and MGAs, has partnered with OIP Robotics (OIPR), an Insurtech data and software solutions lab, to transform data processing within P&C insurance through artificial intelligence (AI). According to the announcement, this partnership is set to bring unparalleled automation efficiency to policy ... Read the full article
WCL to support Velonetic with mappings service for Blueprint Two addoption
25th March 2024
Web Connectivity Limited (WCL), a wholly owned subsidiary of insurtech provider Zywave, has agreed to supply its ACORD4ALL mappings to Velonetic, a joint venture between Lloyd's, tech firm DXC and the International Underwriters' Association. This will be a key element that will support a critical component of the Blueprint Two programme ... Read the full article
Nationwide scores record sales, as rates and underwriting drive strong Q4’23
25th March 2024
Columbus-domiciled Nationwide, a diversified financial services and insurance company in the United States, has achieved record-level sales for the third consecutive year in a row. The insurer stated that significant rate and underwriting actions drove a strong Q4 2023 and will accelerate the company’s performance into 2024. The record sales in 2023 ... Read the full article
New Year’s Day Japan earthquake claims paid approach $415m: GIAJ
22nd March 2024
As of March 8th, 2024, the General Insurance Association of Japan (GIAJ) reports that more than JPY 61 billion (USD 414m as of March 8th or USD 403m at today's exchange rate) in payments from over 67,000 claims from the New Year's Day Noto Peninsula earthquake have been made. The M7.5 ... Read the full article
Global insurance broker’s outlook stable for 2024 on strong organic growth: Moody’s
22nd March 2024
Moody’s predicts a 2024 stable outlook for the insurance brokerage sector, underpinned by constructive global economic growth, a favourable commercial property & casualty (P&C) rate environment, and stable EBITDA margins. According to Moody’s report, organic growth is to remain in the mid-single digits or higher as economic growth stabilises and P&C ... Read the full article
Woodruff Sawyer opens New York office with six new team members
22nd March 2024
Woodruff Sawyer, one of the largest independent insurance brokers in the United States, is expanding its East Coast footprint with the addition of six new members, opening the firm’s first office in New York. The new team, formerly with Acrisure's Construction and Commercial Risk Practice, includes Matthew Kelly, who will head ... Read the full article
Optimistic outlook for US insurance M&A market in 2024, says Sidley
22nd March 2024
Sidley Austin, a global law firm, has released its Global Insurance Review, offering an optimistic outlook for the US insurance mergers and acquisitions (M&A) market in 2024 following a challenging year in 2023. According to Sidley's report, the difficulties of 2023 were primarily attributed to slow M&A activity in the P&C ... Read the full article
RGA announces 700bn JPY longevity asset-intensive reinsurance transaction with Japan Post Insurance
22nd March 2024
Reinsurance Group of America (RGA) has confirmed that it has reached an agreement with Japan Post Insurance Company (Kampo) for an RGA affiliate to reinsure an approximately 700 billion JPY in-force block of individual life annuities through coinsurance. Gaston Nossiter, Senior Vice President, Head of Asia Pacific, Global Financial Solutions, RGA, ... Read the full article
California property insurance markets to continue facing pricing and availability pressures: ALIRT
22nd March 2024
With State Farm General Insurance Company (SFGIC) announcing it will be exiting more California property risks starting in mid-2024, ALIRT Insurance Research has noted that state homeowners and commercial property insurance markets will likely continue to face pricing and availability pressures. SFGIC's recent pull includes approximately 30,000 largely non-commercial risks ... Read the full article
Helios Underwriting NAV per share increases 22% in 2023
22nd March 2024
Lloyd’s focused investment vehicle Helios Underwriting has reported its unaudited pro-forma Net Asset Value (NAV) per share has increased to £1.85 - £137.2 million in Net Assets - in the quarter to December 31, 2023. Martin Reith, Chief Executive at Helios, commented: “The significant profits recognised in 2023 from the profitable ... Read the full article
Liberty (LSM) promotes Anabella Frontado to Head of War & Terrorism, US & LatAm
22nd March 2024
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has recently announced the promotion of Anabella Frontado to the newly established position of Head of War & Terrorism for the US and Latin America (LatAm). In her new role, Frontado will oversee the profitable growth of this line of business ... Read the full article
Everspan Group joins forces with Platinum Specialty Underwriters on excess transportation program
22nd March 2024
Everspan Group, the specialty property and casualty insurance platform, has partnered with Platinum Excess Trucking, a division of Platinum Specialty Underwriters on a new excess transportation program. Platinum Excess Trucking is a managing general underwriter (MGU). The MGU specialises in excess liability for trucking and specialty auto accounts. From what we understand, ... Read the full article
DLA Piper strengthens insurance team with Carl Hotton as new M&A partner
22nd March 2024
DLA Piper, a global law firm, has just announced the appointment of Carl Hotton as a new mergers and acquisitions (M&A) partner in its insurance team. In his new role, Hotton will primarily focus on advising leading international insurance market clients on intricate and significant transactional matters. Additionally, he will provide ... Read the full article
TRUE receives ‘A’ rating from Demotech
22nd March 2024
Demotech, Inc., a rating agency and financial analysis firm, recently bestowed a Financial Stability Rating of 'A', Exceptional, to Trusted Resource Underwriters Exchange (TRUE), a reciprocal insurer established by American Family. The rating was prompted by a new partnership between private investment firm Gallatin Point Capital and insurer American Family ... Read the full article
Aon launches Climate Risk Monitor to drive improved risk management & renewals decision making
22nd March 2024
Global re/insurance broker Aon has launched its Climate Risk Monitor, a tool to help clients visualize and understand their exposures to physical climate risk for better business decisions. Aon’s Climate Hub in Singapore developed the Climate Risk Monitor in collaboration with the firm’s global reinsurance analytics experts. This tool launches as the ... Read the full article